Bitcoin’s consolidation over the weekend brings us to $69300
- On Friday evening, Bitcoin price retreated to the $66624 support level.
Bitcoin chart analysis
On Friday evening, Bitcoin price retreated to the $66624 support level. The hold at that level was short-lived, and we quickly saw a retracement above $67,000. On Saturday, the price movement was quite stable in the $67400-$67800 range. On Sunday, the chart shows an increase in volatility, and the movement range has expanded to $67,400-$68,400.
At the start of this week, Bitcoin is climbing with a bullish impulse above the weekend resistance at the $68400 level in the first hours. After that, we saw the continuation of the bullish consolidation until the formation of the weekly high at the $69312 level.
Are we going to the 70000$ level this week; have the BTC power for it?
We pause here for now, and there is a slight reduction in volatility. Potential higher targets are the $69400 and $69600 levels. We need a negative consolidation and pullback below $69000 for a bearish option to start. After that, we need a new low below the $68750 level. We thereby introduce instability into the previous bullish structure, intensifying the bearish pressure.
After that, Bitcoin would be forced to continue its pullback and look for lower-level support. Potential lower targets are $68500 and $68250 levels. In the zone of the $68000 level, the price will test the EMA200 moving average.
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